MAYFAIRCHARITIES LIMITED Company No: 927985 CONSOLIDATED Fif4Af4CIAL STATF.MENTS for the year end1 31 MARCH 2024 COHEN ARNOLD CHARTERED ACCOUNTANTS & STATtTroRY AUDITOR LONDON NWI I OPU
MAYFAIR CHARITIES LIMITED TRUSTEES Mr B S E Freshwater (cl]nan) Mr D Davis Mr S l FShWa1er Mr R Fischer SECRETARIES Mr J S Sothgate MrMDEBale REGISTERED OFFICE Fr¢shwater House 158- 162 Shallesbwy Avenue LONDON WaH 8HR AUDITORS Cohen Ar[Id New Burlington House 1075 FiKhley R(Hd LONDON NWI I OPU PIUNCIPAL BANKERS Lloyds J5B COMPANY NUMBER 927985 REGigfERED CHAIUTY NUMBER 255281
MA YFAIR CHARITIES LtMrrED INDEX TOTHE FINANCIAL STATEMENrs FO THE YEAR ENDED 31 MARCH 2024 AudiliXS' Report 10 CoA801idated Statement of FinatKial Adivities Cortsolidated Balan¢¢ Sheet 12 Charity Balance Shl 13 Consolidated Statemert of Cash Flo 14-32 Notes to the FinaTKial Statements
MAYFAIR CHARITIES LIMITED LIMITED BI. GUARAiYTEE TRUSTEES, REPORT The Gov¢rnoT3. hereafterrefCd tt> as TNstees,who are a]so direciots forthe purposes of comFaDy law, havepk&su in presenting their Annual Report together with the Consolidated Financial Statements of the Company for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS OFTHE CHARITY, ITS TRUSTEES AND ADVISORS The official name of the Charity is Mayfairctwtties Limite(L a ComrAny limited by guarlntre. Its company registration number is 927985 and its registered charity number is 255281. The registered address of the Cbartty is: Freshwa House 158- 162 Shaftesbury Avenue LONDON WC2H 8HR The Trnstees of the Chatity who served during the yearand who ore stiu in office e. Mr B S E Freshwater(Chairnian) Mr D Davis Mr S I FK8hwater Mr R Fischer STRUCtURE, GOVERNANCE AND MANACEMENT The day to day affaiT5 of th¢ Charity are administered by an Exe¢u¢ive Committee. the ChaintsT] of which i5 Mr BSE Freshwater. All Thstees give dir time Yolunthrily and no Iefits ¢J exF¢nses were paid to them during the y. New TTU5t¢es are appointed tased on personal compelence, specialist skill& avai]ability and knowledge of and ci)ntact with institionS wofessing and teaching the principles of traditional Judaism and the advancement of Yeligion i accordance with the Jewish faith. New Tnte¢S are inducted into the wotings of the Chlty byihe existing TNstees. As the Charity is a copanY limited by guarantee, its governing dUments are its meMornllM and Articles of Association. Group Stru¢¢ur¢ and Relationship5 The Charity has the following wholty owned non-charitrble q)erating subsidiaries:_ Fjrshwater Pr(yety Management Limited, a proIty management company HaYsgrs Pety Co. Limited a property investtnent company MetrowTrlitsn Properties Co. (Overseas) Limited, a holding Company whKh owns subsidiaries inCOTwrated in the USA. Certain ofth¢ Trustees of this Charity are also directors of the th>ve companie& Re]*ted Pttrty Transactions Details of transactions with Related Parties, are di}$ed in Notes 10. 11, 12, 18 and21 to the Financial Ststem¢nts.
MAYFAIRCHARITIKS LIMITED LIMITED BY GUARANTEE TRUSTEES, REPORT OBJEcrtVES AND AcfIviTIES The Charity w85 e5tAblithed to SUPFQrt the activities of r¢ligious Jewish orgamisations reco)1$ed as Chitable by English Law both in the Untted Kingdom and abroad, especially tIM)se in the field of education and relief of poverty. The Trustees regUlty wpport a significant nulnber of instiwtions and organisation5 both in the United Kingdom and abroad which meet the Clwity's Criteria The Charity is 4180 Sup7ve of ¢)rgani5ations which are 501ely committedtothe relief of pov¢rty. Such orgdnisations assist ndY Jewish families thrh both ftt)ancial and non-fin8ncial grdnts and distributions. The Charity receives income from its invesbnent proFtrtie& cash deFrf)$its, fixed a listed investtnent5 and subsidiary and assoGiated undertakings which it utilises in the provisicffi a]d dlstnl)Uti of grants, donation5 and loans to gani5ations t[1 fall withsn the objectivcs of the Charity. The Trustees ¢¢)nf1 thatthey have reftrred the guidance contained in the Charity Commission's generdl guidance on publi¢ benefit when reviewllig the Charity's aim5 and objectives aT in platjning a¢tivities and setting the 8rant making rATrlicy lor the year. TRUSTEES, RESPONSIBILITIES The TNstees are responsible for pryTing the Truskes, Annual lieand the rcIal statements in accordancewith applicable law and regulatii)ns. Company law requires the Tn]sttts prepare fan¢11] statements for each financ[ year. Under that law the Tvjstees have electrd to prepare the financial statements in accordance with Unitrd Kingdom Generdlty Accepted ACColg Praciice (United Kingdom Accounting Strndatdg and applicable law). Under company law the Trusiees must not approve the financial ststements 1¢55 they are satisfied that they give a twe and fair view of the state of affairs of the Group and Charity and the incorne and expendittwe of the Group for that p¢riod. In preparing th¢s¢ f]Cial statements, the governor5 (trustees) are wuir¢dto.' select suitable ac¢ountmg wilicies and then apply them wjsistenily: observe the Jnethods and wincipl¢s in the Charitie5 SORP; make judgements and accounting estimates that are reasonable and prudent: and preparethe finan¢ial statements on the goingconcem basi5 unless it is inapprowiateto presume thatthe Charity will continue in operation. The Tntee5 are snSIble for keeping adequate a¢]nt[Thg records that arc sufficient to show explain the Chartty's transactiorts and disclosewith reL%onable accuracy at any time the fll)ancial position of the Charity and enable them to ensure that the financial staternents compty with the Compgmies Act 2(M)6. They are also responsible f safeguarding the &ssets of the Charity and hence for tsking reasonable steps for the prevention and dtIOn of fraud and crther iTregu12rities. AUDITORS The awjitors, Coh¢n Amoll are willing to continue in offKe and a resolution re-aNx)inting them in accordance with Section 485 of th¢ Companies Act 2006 and authorising the board to fix their remunerati(xt will be proposed at th¢ Annual Genernl Meetin& Each of the pers$ who is a TTUSte¢ at the date of approva] of this report confimis that.. so faras e Tnthe isawarq there 15 no relevantaudit infornjation ofwhich the Charity's auditoris utiawa)E,' each Ttee h&8 tsken a]1 steps that they ought to have taken a Trnstee to make themself awa of any r¢kvant audit infoatIOn and th establish that the Charity'5 auditor is aware of that infomation.
MAYFAIR CHARITIES LIMITED .IMITED BY GUARANTEE TRUSTEES, REPORT STRATEGIC REVIEW The Trusteeshave prepared astrategic rert which includ¢5 awiew oftheGroup's buginess andfvture thvelopm¢nts, description of the principal risks and uncertainties facing the Group and key rf0ml indiCarS. SIRATEGY AND BUSINESS MODEL The Charity inv¢sts in veSneIpTopeftie4 cash detxTrsits, fix asset ltsted investments subsidiary and associated undertakings to generdte in¢orne with which it akeS grant& donations and loan5 to charitsble organisallons and instituti¢)ns that fall within th¢ objECtives of th¢ Charity. ACHIEVEMENTS AND PERFORMANCE During the year the Chatity continued its phiionthropic activitie5 in sup]x)rt of religious, educational and other Charitable Institutions and the awegate of donations made was £3,100,000 {2023= £3,810,000)= Over 110 institut2ons and organisations were the recipients of the above donations. There was no expendiDJre on direct CIltable activities in the year (21r23: £4,IM)O). No change in xlivities is envisaged in the immediate futtw¢. In re¢xnt years, the TnCeS have ccmtinued to support certain major projects which, during previous Ye¥, have received substantial financial grdnts from the Charity. At the present tirne the Ttvstees have eniejrd intt> ¢ommittnents forthe financial supportofcolleges and Institutions which is 8nticipatedto absorb approximately £6 million comwising Tangible Fixed Assets made available by the Charity aJ]d the provision of financial support over the next five years (Note 16). Funds to tneet these COTllTnitments have iren set aside and aTE referred to as "Designated Fd5' in the Fin8neia] Statements. The fancIal results ofthe Charity and its Subsidiary Undertakti]gs fortheyearended 31 March 2024 are fulty fleCtrd in the ath¢d Financial Stat¢m¢nts together with the Notes theTeon. FINANCIAL REVIEW Reserve5 Policy The Charity is required to maintain Reserves in order to en$u]t that it is in a Position to continue its grant-making activities and cover contingencies of additional calls being Tna& up)n the Chariry for support of organi&*i¢Ms or institulions in times of need. Consequent]y, the Tntstees ¢SIder it appropriate to mainlAtn 'Free Res, (unrestricted fuDJs not committed or invesied in Tangible Fixed Assets, Fixed Asset Investments orLoaJJs to Subsidiary Undertakings) at a level wh5ch will not impinge on its ability to 5UPP)rt Charitable Institution As at 31 March 2024. the Charity has tota] fiuJd5 of £83.186.0(KJ (Group.. £83.187,000). These funds nKlude £49.664,000 (Group.. £48,214,OCM)) which alls¢s from the revaluati(Trn of Charity's investsnents and is not readi]y available for ger1 purw)ses. The fim(b of the Charity and Group a]50 lliclude £6,432,0(M) of Designated Funds set aside for a Special Projects Funl from which ¢k)natiS are made to various long-tem) charitsble projects. Consequenily, the Charity has resetves of £27,091.000 (GTOUP: £28,540,0(x)) after making allowances for the DesIared Fun& and reserves not readity available. These re5erve5 include th Free Resetves of the Charity and are con5idtred to adequate and will ix revi¢wed periTrJically by the Trustees. Investsnent Policy Underthe Melnorandum and Articlesof Associati¢)n, the Charity ha5 th¢ to nk¢ invesknents whichth¢ Tnjstees consid¢r appropriate. The Trustees seek investments which, over a medium terni, are anticipated to generate a dependable flow of in¢om¢ wupled with capital wvth. The Tntstees consider the retum on investments. in tern of both inci)me and capital 0W, given the challenging arket conditions the Charity operdtes within, io be satisfactory.
MAYFAIR CHARITIES LIMrrED LIMITED BY GUARANTEE TRUSTEES, REPORT Grant Making Polky The CIHrity mak¢s Grants and Donation5 to Colleges and InstitiOnS for the VanCeMent of religion and education and to Institutions for the relief of poverty in aC)rdance with the Charity's objective5. The re¢ipient Institutions are bas¢db)th in the United Ki1]gd and abroaiL In making Grants and Donations, the TrUe¢S use their F¢tsonal knowledge of the Institution. its represffltatives, OpelOnal efficiency and reputation. The TNstees monitor the application of the Grdnts and Donations by meeting with repre5entative5 of the Institutions and rA)taining infmation as to the utilisation of fid During the current and PriOT year, the Gts and Donations mad¢ by the Ch3Jity w¢Tr forthe advancernent of religi( and educati and forthe relief of povety. Rk Management TheTrnstees have ariskrnanagemtStrategy whi¢h¢omprisesan annualreview oftheprllicipal risks anduncertainties to which the Ctwity is exposed. in pw1ÉculaT those to the operntions and fmanc¢5 of the Chatity. the estsblishment of policies, systems 8nd pr(Kedures to mitigate those risks identified in the aTmual review and the implementation of pNKedures designed to minimi5e (Y manage any potential llnpacton the Charity shoukl those risks materialise. The principal Tisks to which the Charity is exFosed are: Liabiliti¢$ arising from proFCrty investtnent activity Tenant defaults Damage ttTr prt)pety from flotxl, f]re or terrorist aciion Planning constrU10n and letting risk in relation to redeveloprnent activity The availability of liquid fund5 to make grants and donations The economic cycle generdlly The llmcroeconomic enviromnent The Charity seeks to tnanage or mitigate Such risks wherever possible through such measures as insurance. teTw]t Screening and monitorin& rigorous reviews of acquisition and investment opportutLities, ext¢mal expert advie mgnitoring cash ond regular monitoting of the economic outlook. Ultimaly, the Trustees are not overly concerned &s they can manage the level of donatio1)5 according to the available reseThe5. Key Performan¢e Indieators (KPI8) The Tnjstees monitor the Group's wforme prows against Is strdtegi¢ objectives and the financial rfOrMance of 11$ Olmtions on a regu]ar Imsis. P¢rfomwice is assessed against the strdtegy and exFectations using fjnancial and noD-financial measures. Themost significant KPIS used by the Group are as fol]ows'. 2024 2023 Grants and donations paid out Net rental income Dividend ineome Quoted and other investments at fair value Investmeiit proixrty at fair value £3.1 million £0.5 million £0.7 million £26.6 tnilliot] £54.7 million £3.8 million £1 million £0.7 million £26.9 million £48.8 million PLANS FOR THE FUTURE The Ttustees plan io continue to make distributiODS in accordance with their grdnt making policy and that the ability to generne sufficient COme is maintainedio achieve that end. The Truste04 have rrt¢Aiated a conditional contrath forthe sa]e of an investmentprort which they are hope1 will ¢ome to fiuition in the near fuknwe.
MAYVAIR CHARITIES LIMITED LIMITF.D BI. GLPARANTEE TRUSTEES, REPORT FIXED ASSETS The movements in Fixed knets are fvlly reflect&J in Notes 9 and 10 to th¢ Fitjancial Statements. The Charity's investment properties are i]uded in the Balanc¢ Shcet at far valu4 as fully disclosed in Note 10 to the Financial Statement& An inikF¢ndent professicnal revaluation of all the grwp's ptDperty ¢8rried out at 31 March 2024 by CollieTS Internatiollal PrOty Advisers UK LLP, RICS Registered Valuers. The valuation figures are on ow) market value ass¢s5ed in accordance with the KICS Valuation - CutTent Global Stsndards (rating the Int¢rnational Valuation Stsndards). Tntstees Report and stratig Rep)rt Signtd On Behalf of the Couneii Mr B S E Freshwater- Trust¢e 21 January 2025
INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS OF MAYFAIR CHARITIES LIMITED LIMITED BY GUARANTEE OPINION We have Audiled the financial ststements of Mayfair Chariti¢s Limited (the 'charity') for the year ended 3 1 March 2024 which ¢ixnprise the Consolidated Statement of Flliancial ArtLVitie5, the Consolidated and Pdr¢nl Charity Balance Sheets, the Group Cash Fli)w Statements and the related notes, including a surnrnary of significoni accounting policies. The f]nancial rep(ifting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdo Generally Accepted Accounting Practice). In our opinion the finan¢ial statements.. give a true and fair view of the 5tste of the Group's and Parent Charity's affairs as at 31 March 2024 and of the GTOUP'S incoming resources at]d application of resources, in¢luding its income and expenditure, for the year then ended: bave be¢n properly prepared in accordance with United Kingdom Generally Accepted Accounting Praaice. have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accoTdan¢¢ with Intemationil Standard5 on Allditing (UK) (ISAS (UK)) and applicable law. Our respon5ibiliiies under thos¢ standards are further described in the auditorfs responsibilities for the audii of the fll)ancial siatements section of our report. We are independent of the charity in accordance with the eihical requirement% that e relevant to our audit of the fancIal stst¢ments in the UK, including the FRC'S Ethical Stsndard, and we haye fulfilled our other ethical responsibilitl¢5 in atcordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provid¢ a basis for our opinion. CONCLUSIO]YS RELATING TO GOING CONCERN We haye nothingto report in respect of the following matters in relation to which the ISA5 (UK) require us lorert to you where.. the trustees, use of the going concern basi5 of accounting in the preparation of the financial statements is not appropriatr; or the trustees have not disclosed in the fmancial statements any identified material uncertaiDties that may cast significant doubt about the chariry'5 ability to continue to adopt the going concern basis of accounting foT a p¢riod of at least twelve months fr the date when the [8ClaI statements are Authotised foT issue. OTHER INFORMATION The other information Comprises the infomats.on included in ihe annual repo¢ other than the fmancial stat¢menlS and ourauditor's r¢port thereon. The trnstees are reswnsible forthe other information. Our opinion on the f]nancial statements does not cover the other infomiation and, except to the extent othe]Ivise explicitly ststed in our reporL we do not ¢xpre55 any forn) of sUrance conclusion thereon. In connection with our audit of the financial 5tatemenis, our responsibility is to read the her infomation and, in doing so, consider whether the other inforn]ation is materialty inconsistent with th¢ financial statem¢nts or our knowledge obtained in the audit or otherwise appears to be Tnaterially misstated. If we identify such material incon5l5tencies or apparent material misststements, we are required to detern]in¢ whether there is a material misstatetnent in the fanCIal slAtements or a material misstateTnent of the other information. If, b¢d on the work we have perfornied. we conelude thai there is a Tnaterial misstatement of this other inforniation, we are required to re)rt that facL We have nothing lo report in this regard
INDEPE DEf+rr AUDITORS, REPORT TO THE MEMBERS OF MAYFAIR CHARITIES I.IMITED LJMITED BY GUARAJ¥TEE OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES Acr 2006 In our opinion, based on the work UDdertaken in the cours¢ of ihe audiL the infomiaiion given in the trusitts, report for the financial year for which the fmancial statements are prepared is consistent with the fman¢ial StaMents,. and the trustees. report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of th¢ knowledge and understanding of the charity and its environment obtsined in the course of the audiL we have not identified tnaterial misstatements in ihe trustees, repott W¢ have nothing to report in respect of the following matlers in relation to which the Companie$ Act 2006 requtS us to r¢port to you if. in our opinion.. adequate a¢counting records have not been kepL orreftjrns adequate forour audit hav¢ not been received from branches not visited by us,. or the fjnancial statements are not it] agreement with the accounting re¢ords and retums. or certain disclosures of trllstees, remunerdtion specified by law are not made: or we have not received all the inforniation and explanation5 we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained mor¢ fvlly in the trustee5' responsibilitie5 StstemenL the trustees {who are also the directors for the purposes of ¢ompany law) are responsible for th¢ preparation of the fancial staiements and for being satisfied that they give a true and fair view, and for such internal control as the trtee$ deiemine 15 necessary to enable the preparation of fmancial statem¢DLS thai are fre¢ frorn material mis5tstemen¢ whether due to fraud or error. In PTepaTing the f]nan¢ial statements. the tnLStees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. tnatter5 lated to going concern and using ihe going concern basis of accounting unless th¢ trustees either intend to liquidate the charity or to Cease operations, or have no realisti¢ aliernative but to do 50. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCtAL STATEMENTS Our objective5 are obtain reasonable assurance about whether the financial statements as a whole are free from material misstaternenL whether due to fraud or error, and to issue an audiwr's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee th an audit conducted in a(rdance with ISAS IUK) will always detect a material rnisstatement when il exists. Misslaiements can arise from fraud or error and ar¢ cimsidered material if, individually or ID the aggregate, they could reasonably Ix expected to influence the econoTlliC decisions of u5er5 taken on the basis of these fmancial statements. ltTegularitie5, including fraud. are Instsn8 of non-con)pliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above. to d¢t¢¢t material missiatements respect of irregularitie5, including fraud. The extent to which our pro¢edures are capable of detecting irregularities, including fraud is detailed below: We obtained an undersranding of the legal and regulatory frameworks that are applicable to the group through di5¢ussion with the directors and senior ynanagement and identified financial reporting legislation, landlord legislation and charity legislation as b¢ing most significant to these financial statements. We communicated these identified frameworks arnongst our audit team and remained alert to any indi¢alion$ of non-compliance throughout th¢ audit. We en5ur¢d that the engagement team had sufflcient ompetence and Capability to idenufy or r¢co8nise non-compliance with the laws and regulations. We discussed with the direciors and senior management th¢ policies and procedures regarding c(Knpliance with these legal and Tegulatory framOrkS.
INDEPENDENT AUDITORS, RF.PORT TO THE MEMBERS OF MAYFAIR CHARITIES LIMITED LIMITED BY GUARANTEE AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS {eont'd} We assessed the susceyibility of the group's fmancial statrments to Tnaterig41 mis5tatemeni due to non- compliance with legal and regulatory frajneworks, including how fraud might occur, by enquiry with the directors and senior management during the planning and finalisation phas¢s stages of our audit and by using proprietary disclosure checklists. The gusceptibility to such material misstatement was detemiined to be low. Ba*d on this understandin& we designed our audit procedures to identify non-compliance with the identified legal and regulatory fraMeWoS, which were part of our procedures on the related financial statement item%. Owing to the inherent limitation$ of an audiL th¢re is an unavoidable risk that we may not have detected some maierial misstatements in the finartcial starement5, even though we hav¢ properly plaT)n¢d and perforned our audit in accordance with auditing standards. For exalnple, the further removed non-compliance with law5 and regulations (irregularities) is from the events and transactions reflected in the f]nattcial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audi¢ there remained a higher risk of non-detection of 1cEU[ar1es, as th¢s¢ rnay involve collusion, forgery, intentional omissions. misrepresentation5, or the oveIde of intemal controls. W¢ ate not responsible for preventing non-compliance wjd cannot be expected to detect non-¢omplian¢e with all laws and regulations. As part of an audit in accotthnc¢ with ISAS (UK), we exercise professional judgment and maintain professional sceptici$m throughoui th¢ audit. We also: Identify and asse the risks of material misstaternent of the financial statements, whether due to fraud or eOr, design and perforni audit procedures responsive to those risks, and obtain dit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting am&terial misstatement resulting fro fraud 15 higher than for one regulting from erroT, as fraud may involve collusion, forgery, intentlODal ojntssions, misrepresentations, or the override of internal eontml. Obts an understanding of internal Control relevant to the audit in order to d¢5ign audit proceduTCS that are appropria in the circurnstances. but not for the puwse of expre5Stng an opinion on the effe¢tivencs5 of the internal control. Evaluate the appropriatene of accounting policies used and the reasonableness of account8 estimates and related disclosures made by the tnLStees. Conclude on the appropriateness of the trnstees, us¢ of the going concern basis of a¢wunting and, based on the audit evidence obtained, whethera material uneertainty exists reiat¢d to events or conditions th&trnay cast significant doubt on the charity's ability to continu¢ as a going ¢oDrern. If we conclude that a material uncertainty exists, we are required to draw attention in our audilor's report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusion5 are based on the audil evidence obtained up to the date of our auditor's report. However, future events or condiiions may ¢ause the charity to ce&8e to continu¢ as a going conc¢rn. Evaluaie the overall presentatio structure and content of the financial statements, including the disclosures, arjd whether the financial statements r¢present the underlyiug transactions and events in a matmer that achieves fair presentatio. Obtain sufficient appropriatr audit evidence regarding the fttwicial infoTmation of the entities or busine55 activities wiihin the group to expr¢5s an opinion on the consolidated financial statements. We are resEx)nsible for ihe dirtion, supervision and wfomiance of the group audit. We remain solely responsible for our audit opinion. We cotnmuni¢ate with those charged with governanee regarding, among other matters, the planned scope and timing of the audii and S]1f]Cant audit findings, including any significant deficiencies in intemal control thai we identify during our audit.
DEPENDENT AUDITORS, REPORT TO THE MEMBERS OF L¥IAYFAIR CFL4RITIES LIMITED LIMITED BY GUARANTEE USE OF OUR REPORT This report is made sole]y to the chaity's mernbers, as a bJy, in accordance with Chaptrr 3 of Part 16 of the Compa]ies Act 2(M)6. Our audit wot* has been undertaken so that we might Stat¢ io the charity'5 Member5 those matters we are required io state tothem irt an audito¢s report and forno OtherpuSe. Tothe lI¢SteXtent perniitted by law. we do not accept OT ossume responsibility to anyone other than th¢ charity and the charity's members a5 8 body, for our audit work. for this reIK or for th¢ opini(S we have fiKrn¢d BARRY LEIGH (Senior Stattrtory Audittw) For and on Lxhalf of COHEN ARNOLD Chthered A¢¢ountants & Statutory Audit New Burlington House 1075 Finchley Road LONIX>N NWII OPU 2? January 2025
MAYFAIRCHARITIES LIMITED CQNSOLIDATCD STATEMEi4rr OF FINANCIAL AcfiviTIES INCORPORATING THF. CONSOLIDATED INCOME AND EXPENDITURE ACCOU FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricted Funds £'fflo 2023 Unrestrlcted Funds £'wo Note In¢om¢ and Endowments from: Donations and Grants Received Investments: Income from Fixed Asset Investsnents Interest Receivable and Similar Income Rents and Charges Receivable Other. Property Management Fees Receivable Total Income 1,250 1.250 680 058 439 1.869 2,238 l.514 5.752 1,280 5,448 Expenditure on: Raising Funds.. Property Outgoings Intest Payable and Similar Charges Investment Management Costs Charitable Activities: Grants and tk)nations Direct Charitable Activities Paym¢nts from Special Projects Fund Other. Governance Costs (1.324) (8) (1.173) (1,238) (98) (992) (3,094) (3,810) (4) (843) (745) (52) (46) Totsl Expenditure IYET INCOME I (EXPENDITURE) BEFORE GAINS ON INVESTMENTS {6.396) (7,031) (644) (1,583) Nel Gains l (L055es) on Invesknents- Gains on Disposal of Investment ProF*rty Valuation of Investment ProFrty Valuation of Other Investtnents 247 5.724 (1,265) (364) (7,442) 5,607 (8.70D NET INCOME I (EXPENDITURE) BEFORE TAX 4.963 (10.290) 101 Taxation 78 NET INCOME I (EXPENDITURE) FOR THE YEAR AND MOVEMENT IN FUNDS 5,041 (10,189) Reconcilijtion of Funds: Total Funds Broughi Forward TOTAL FUNDS CARRIED FORWARD 78,146 83.187 88,335 78.146 The notes on pages 14 to 32 forni tmrt of these Finla1 Statements. io
MAYFAIRCHARITIES LIMITED CONSOLIDATED BALANCE SHEET AS AT31 MARCH 21)24 2024 2023 Note £.0 £'(x)o £'wo FIXED ASSETS Tangible Assets Investments .025 81.333 82.358 1.025 75,764 76,789 io CURRENT ASSETS Debtors C&sh at Bank and in Hand 15,351 5.724 7.812 11,115 18.927 21.075 CREDITORS: Asnounts falling due within one year 12 (17.179) (14,393) NET CURRENT ASSETS 3.896 4.534 TOTAL ASSETS LESS CURRENT LIABILITIES 86.254 81,323 CREDITORS: Amount5 failing due after more than one year 13 11.577) (1,609) PROs1oNs 14 {1,490) 83,187 (1,568) 78.146 TOTAL NET ASSETS UNRESTIUCTED FUNDS Designatrd Funds Other Charitable Funds Non-Charil&ble Funds 16 16 16 6,432 70,467 6.288 83,187 5,952 66.120 6,074 78,146 TOTAL UNRESTIUCTED FUNDS The Fina[la1 Ststements were approved by the Council onl¥January 2025 ond sigr£d on its behalf by MR B S E FRESHWATER TRUSTEE Company Registration Numi*r: 927985 The notes on pages 14 to 32 forni pwt of these Fin8n¢ial Statement&
MAYFAIR CHARITIES LIMITED LIMITED BY GUARANfEE BALANCE SHEET AS AT31 MARCH 2024 2024 2023 £'wo £'ooo FIXED ASSETS Tangible A55ets Investments 1.025 80.695 81,720 1,025 74,599 io 75,624 CURRENT ASSETS Debtors Cash at Bank and in Hand li 4.287 1.223 4.236 962 5,510 5,198 CREDITORS: Amounts falling due within one year l2 (2.467) (1.068) NET CURRENT ASSETS 3,043 4.130 TOTAL ASSETS LESS CURRENT LIABILITIES 84.763 79.754 CREDITORS: Amounts falling due after more than one year {1,577) 83,186 (1,609) 78.145 TOTAL NET ASSETS UNRESTIUCTED FUNDS Designated Funds Other Charitsble Funds 16 16 6,432 76.754 83.186 5.952 72,193 78,145 TOTAL UNRESTRICTED FUNDS The Financial StateTnents were apprOd by the Council on2?January 2025 and sied on its behalf by MR B S E FRESHWATER TRUSTEE Company Registration Number: 927985 The notes on pages 14 to 32 forni part of these Fina)Kial Ststements. 12
MAYFAIR CHARITIES LIMrrED COIYSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricted Funds 2023 Unrestricted Funds £'wJo £,0 Cash Flow5 from Operoting Activities.. Net Cash used in Operating Activities Cash Flows from Investing Activitie5 Dividends. Interest and Rents from Investments Proceeds from Sale of Investments Purch&8e of Investhients 23 (6,833) 3.463 1.379 247 (209) 1,182 (159) Net Cash Provided by Investing Activities Cash Flows from Flnancing Activiti Interest Paid 1,417 1,023 (8) (8) Net Cash Used in Flngn¢ing ActiYitie5 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR CASH AND CASH EQUIVALENTS AT I APRIL 2023 (8) (8) (5.424) 4,478 6.637 CHANGE IN CASH AND CASH EQUIVALENTS DUE TO EXCHANGE IL4TE MOVEMENTS 33 CASH AND CASH EQUIVALENTS AT 31 MARCH 2024 24 5.724 The notes on PAges 14 10 32 fonn ofthe5e Financial Statements. 13
MA YFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENtS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTJIYG POLICIES The charity is a private ¢ompany limited by guarante< registered in England and Wale5 and a registered charity in England and Wales. The addres5 of the registered office is 158-162 Shaftesbury Avenue, London, WQH 8HR. These financial siatements have been prepared in compliance with FRS 102. 'The FinaJ)cial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial RertIng Standard applicable in the UK Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Chariti¢s Act 2011. The Consolidated Finan¢Tro] Statements incorporate the results of the charity and its subsidiaries for the year ended 31 March 2024. These atE adJlLst where approprit4te. to confomi to group accounting policies. The following accounting poli¢ies have been used consistently in ihe prepardtion of the Group's Financial Statements. BASIS OF ACCOUNTtNG The Financial Statements have ken prepared under the Historical Cost Convention. as modified by the inclusion of fixed asset investments at fair value. The financial ststements are prepared in Sterli whtch is the functional currency of the entity. and rounded to thousands. The Trust¢¢s have concluded that it is appropriate for the financial statements to be prepared in cordan¢e withtheaccounting principles appropriate to a going concem and thatthere is no matthial uncertainty to this position, the Trustees have a reasonable expectation that the charity has adequate resources under atl plausible circumstsnces to continue in operational existence for the foreseeable future by meeting its liabilities and committnents as Ih¢y fall due. basEd on available sources of finance. Judgements made by the Trustees, in the application of these accounting yTrlicies that have significant eff¢¢t on the financial statemenls and estimates with a signifiwit risk of tnaterial adjustment in the next year are discussed in Note 22. The Charity meets the definition of a publi¢ benefit entity under FRS 102. GROUP FINANCIAL STATEMENTS A separate Statement of Financial Activities. or Income and Expenditure Account for the Charity itself is not pre5eTrted in aecordance with Section 408 of the Companies Ad 2006. The Group Financial Ststements incoryorate the financial statements of the charity and its group undertokings. These are adjusted where appropriate, lo conform to group a¢¢ounting policies. The Group Financial Statements do not consolidate the results. nor the assets liabilities of Fr¢shwater Family Holdings IDC. as the Trustee5 are of the opinion that to do $0 would not reflect a true and fair view in the Fitvdncial Statements (see Note log). Freshwater Family Holdings Inc. and its operations are controlled and carried out in North America by its director5. 14
MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (cont'd) INCOMtNG RESOURCES This includes income from listed investments and dewsits, rentsls received from property assets, receipts under Deeds of Cov¢nant from individuals and otheT grnnts and donations received by the Group. Non-monetary donations are recognised at fair value when this can be quaniified. The ai%)vementioned items are included in the Financial Statements on an accruals basis with the exception of in¢ome from listed companies which is included when re]ved. Rentai in¢ome from investment property leased out under 0ratIng leases is regnised in the profit and loss account on a straight line basis over the periodto first break clause. Lease incentives grdnted lo tenants are Tecognis¢d on a straight line b&sis ovcr the peri(NJ to first break clause. Service ¢harge income is recognised as the services are provided. PROPERTY OUTGOINGS The costs of repairs are recognised in the profit 2nd loss account in the year in which they are incurre L¢ase payments under operating leases are recognised in the profit and loss account on a strdight line basis over the ietm of the lease. GOVERNANCE COSTS Governance costs include cosis of the preparation and audit of financial 5tatem¢nts and the cost of any legal adviee to Trtte¢S on governance or constitutional matters. tNVESTMENf GAINS AND LOSSES This includes any wains or losses on the sale of investments and any gains or losses resulting from revaluing investtnents to fair value at the end of the year. 15
MAYFAIR CHARITIKS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARC.H 2024 ACCOUNTING POLICIES (cont'd) DEFERRED TAX Defeed tax is provtded on tirning differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in t financia] statements. The following tilning differences are T provided for.. differences between accutnulated deplatIOn and tax allowances for the cost of a fixed asset if and 1)en all conditions for retaining the tax allowances have been met. Defeyred t&x is noi re¢ognised on pernjanent differences arising be¢ause certain types of in¢ome or expense are non-taxable or are disallowable ror tax or because certain tax charges or allowances are water or smaller than the ¢oNesponding income or expense. Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is re¢ogntsed in a business combinatii)n and the corresponding amount that Can b¢ deducted or assessed for t&x. Deferred tax is m¢asLred at the tsx rate thal is expected to apply to the reve]3&1 of the related differen¢¢. using tax rates ena¢l¢d or substantively enacted at the balance sheet dale. Unrelieved tax losses and other deferred tax assets are recognised only to theextent that il is probable that they will Ix recovered against the reversal of deferred tax liabilities or oth¢r future taxable profits. There are no deferred tax provisions for th¢ Chaiity: it is exempt from tax due lo its ¢lwitable status o the Eq5is all income aThJ gains will k applied solely for qualifying chaTitable Plwposes. PROPERTIES HELD FOR USE BY CHARITY These proFtrties are stated at cost. Properties donated to the Charity are included at fair value at the date of acquisition. No depreciation is charged on property InreSt in land. tNVESTMENT PROPERTY Investment properties are properties which aJE held either to eam rental income or for capital appreciation or for both. Investment properti¢s are recognised initially at cost. Subsequent to initial cognItion Inve5ttnenl prOtleS are held ai Air value. Any gains or108ses arising from Changes in the fair value are recognised in the profit and10ss account in the period that they aris¢; and No depreciation is provided in respect of investment properties applying the fair value model. Investment propety fair value is based on a valuation by an external. independent valuer, having an appropriate recognised Professional qualification and went experience in the location and class of property being valued. Any gaitL or loss arising from a chanEe in fair value is recognised in the Statement of Financial Activities (SOFA) and taken to Other Unrestricted Funds. 16
MA YFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES {cont'd) I.10 DISPOSALS OF PROPERTIES The Group generally holds its properties for the long temi in order to generate rentsl income and capital appreciation although in the right circumstances any property could be available for sale. When an outright sale d(*s occur the resulting suryylus based on the excess of sales priKeeds ov¢r valuation is included within the Group's profit on ordinary activities. and 18xation applicable thereto is shown as part of the talL0ft charge. Disposals are reeognised on the date the signifi¢ant risks and rewards of ownership have been transfeffed In addition the Group also 'sells' leasehold extensions when requested by leaseholdeTS. The proceeds of these leasehold exfrnsion sales. less direct]y applicable costs, are also included in profit on disposal of investmenl properties. 1.1 I LISTED INVESTMENTS Shareholdings acquired are initially recorded al cost and subseqwitly included at fair value (in accordance with the SORP 2015)- any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unrestricted Funds. 1.12 INVESTMENTS IN SUBSIDIARY UNDERTAKINGS Shareholdings acquired are initia]ly recorded at cost and subsequendy in¢lud¢d at Tnthes. best estimate of fair value (in accordaYKe with the SORP 2015) based on the net ass¢t value. The n¢t asset values of the subsidiary undenakings reflect fair va]ues of their underlying properties held for investment. any surplus or deficit on revalualion is recognised in the SOFA and taken to Other Unrestricted Funds. 1.13 OTHER INVESTMENTS Other investments coinpTise shareholdings in unlisted COTnpanies and are initially recorded at cost and subsequently included at Tru5tee5' best egtimate of fair value (in accordance with tk SORP 2015). any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unrestricted Funds. I.I4 FINANCIAL INSTRUMENTS Financial liabilities and equity instruments are classified according lo the 5ubstan¢e of the contractual amngements entered into. An equity instrument is any contract that evidellc a residual interest in the assets of the entity after deducting all its financial liabilitie5. 17
MAYFAIR CHARITIES LIMrrED NOTES TO THE FINANCIAL ST ATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (cont'd) BasicJ7Aanciallnslniments Re1 and other debtors Rental and other debtor5 are recognised initially at transaction price plus attributable ttansaction costs. Subsequent to initial recoLI10n th¢y are measured at amortised cosl using the effective interest meih(d, less any impairment losses. If the arrkngement constitutes a financing tranwtion, for example if payment 15 d¢ferred Etyond nornjal business ternis. then it is measured at the present value of future payTnents discounted at a market Yate for a similar debt instrument. Ren¢ in adVae andoiher creditors Rent in advance and other Creditors 8re Tttognised initially at transaction pri¢e less attributable transaction c(Ists. Subsequent lo initial recognition they are measured at amortised ¢ost 8]ng the effective interest method. If the arrangement constitules a financing transactio[4 for exarnple if payment is deferred beyond nor1 business ternts, then il is me&sured at the present value of fure payments discounted at a market rdle for a similar debt instrument. Cash andcash equEvalents Cash and ush equivalents comprise cash balances and call deposits. Bank overdrafis that are repayabl¢ on demand and forJn an integral part of the group's cash management are included as a componeni of cash and cash equiv&lents for the pwpose only of the tlow statement. 1.15 LIABILITY RECOGNITION Liabilities are recognised as soon as there is a legal or coTh8tructive obligation committing the Charity lo pay out resou¢5. 1.16 FOREIGN CUIIRENCIES Assets and liabilities denomirthted in foreigryj currencies are translated into sterling at rates of exchang¢ ruling al the Balance Sheet date. Transactions in foreign currencies are translated into sterling at the average rnte of exchange in respect of the month during which th¢ transactions occurred, or where practicable, at the rate ruling on the date of the tra[loll. Exchange differen¢¢s are taken into account in arriving at the Net IncoTnel{Expenditure) Before Tax. 18
MA YFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (¢ont'd) 1.17 FUND ACcOtrNTG Unrestricted Fund5 are available for use at the discretion of th¢ Tnstee5 in fUrth¢e ofthe general objectives of the Charity and iz] accordance with relevani law. Designated Funds are Unrestricted Funds, whi¢h have been 5et-aside at the discretion of the Trustees for specific purpas¢s as noted below (Note 1.18). Non-charitsble Funds are Unrestricted Funds and comprise the net awegate reserves of the Charity's subsid]leS Computed by reference to the accounting policies of the Subsidiaries. Other Unrestricted Funds comprise Other Charitsble Fund4 represenfing the accumulated surp18 or defi¢il on income and expenditure account 2nd the excess of fair value over the ¢osl of investments. Restricted Funds are fund5 subje¢t lo splfIC restricted conditions imposed by donors. There are o Restricted Funds as at the Balance Sheet dale. 1.18 DESIGNATED FUNDS The Charity has committed itself to variou5 lonE-temi charitsble projects and tr8msfers are made to Designat¢d Funds in accordan¢e with anticipated expenditure in reSpt of each individual project. INTEREST PAYABLE AND SIMILAR CHARGES 2024 £'wo 2023 Bank Charges aThl Interest Losses on Foreign Exclllnge 90 98 GRA]wrs AND DONATIONS PAYABLE 2024 £.400 2023 £'th)o Grants and tk)nations Paid NoTh-monetary Donations (see Note 21a- Provision of Facilities) 2,694 400 3.410 400 3,094 3.810 All Grants and Donatiot]s were paid to charitable institutions for the advancement of religion and education and for the relief of poverty. 19
MA YFAIR CHAIUTtES LIMITED NOTES TO THE FINANCIAL STATEMEr(rs FOR THE YEAR ENDED 31 MARCH 2024 GRANTS AND tM)NATIONS PAYABLE (eont'd) The cimnposition of Monetary donations is shown below. BC Trust Amud Hatzdokoh Trusl North London Welfare & Educational Foundation Kahal Chassidim Botov Chasdei Aharon Chevras Mooz Lathl Shaarei Orah Ltd Shir Chesed Bels Yisroel Friends of BoV String of Pearls Mifal Tzedoko V'ches Regent Charities Limited Mifal Hache5ed Vehatzedokoh Bels Aharon Tntst Yad Vochessed Associalion Three Pillars Trust Fritt$ of Yeshivas Brisk Mercaz Hatorah Netzach Yisroel British F. O. Kollel Chazon Ish Mercaz Hatorah B¢lz Macnivka Other Donations 712 463 145 133 95 75 73 53 42 39 35 35 32 28 28 25 23 23 20 20 595 2.694 GOVERNANCE COSTS 2024 2023 ALtors, Remuneration Lega] and Professional Fees 31 21 31 15 52 46 20
MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 NET INCOME BEFORE TAX This is slated after charging.. 2024 £'ooo 2023 £'o Audilors, Remuneration: Audit Fees Other Prof¢ssional Services 65 21 62 15 These amounts are included in Governance Costs and Investment Management Costs. STAFF COSTS AND EMOLUMENTS No remuneration or other ben¢fits from employment with th¢ Charity or a related entity were received by the Trustees or connected parties. No Tnjstee expenses have Een incurred. TAXATION Major ¢omponents of tsx expense 2024 £'OOD 2023 Deferred tax: Origination and revers&l of timing differee$ Taxation 178) {78) (101) (101) All t&x is re¢ognis¢d in the Consolidated Income and Expenditure AccounL R¢coTr¢iliation of tax eJpeLse The tax SeSSed on the net income for the year is higher than the standard rdie of Corporation tsx in the UK of 250/0 (2023.. IY/o) by refrren¢e to the analysis below. 2024 £'ooo 2023 £'ooo Net incomel(expenditure) before tax Net expenditure by rale of tax Non taxable in¢ome and expenses Timing differeS on unreaiisd gains Timing difference on gift aid Impact of change in tax rate Other differences 4.963 (10,290) (1,955) 1,920 (24) (42) 1.240 (1,151) (167) Taxatlon (78) (ioi) The deferred tsx liability 31 Mah 2024 has been calculafrd based on the rdte of 25D/D (2023: 21
MA YFAIR CHARITIES LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THF. YEAR ENDED 31 MARCH 2024 NET MOVEMEKf IN FUNDS Of the Net Movement in Funds of the Group, a surplus of £5,041.000 (2023: deficil of £IO,189.IXIO) has been dealt wilh in the Statement of Financial Activities of ihe Charity itself. TANGIBLE FIXED ASSETS Group nd Charity Property Held for use by Charity At l April 2023 and 31 Mah 2024 1,025 The Properties Held for Use by Charity are staled at historical cost. io. INVESTMENrs Long Leasehold Propertle5 £'¢oo Freehold Properti£s £10 Listed Oth¢r Inv¢$trnents Investments £'o(M) Group Total £'ooo FAIR VALUE Al l April 2023 Additions Disposals Trnnsfers Revaluation 37,549 209 11.276 49 26,890 75,764 209 5,935 (211) 11,065 (370) 26,520 5,359 81,332 At 31 M4r¢b 21ll4 43,693 54 Lofyg Investments In Leasehold listed Sub$Sdi•ry Other Properties Investments Undertakings Investm¢nts £'wo £,0 £,10 Freehold Properties Charity To¢l FAIR VALUE Ai l April 2023 Additions Disposals Transfers Revaluation 37,549 209 4,037 49 6,074 26.890 74,599 209 5.935 43.693 102 215 (370) 26,520 5.887 80.695 At 31 March 2024 4,139 54 6,289 All Investments, subject to lh¢ ¢omments iKlow, aTe stated at fairvalue as at 31 March 2024. 22
MAYFAIR cHARIEs LIMITED NOTES TO THE FINANCIAL ST ATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 io. INVESTMENTS (cont'd) b) An Indendent professional revaluation of all the wup's property was carried out at 31 March 2024 by Colliers International Property Advisers UK LLP. RICS Registered Valuers. The valuation figures are based on open markel value assessed in accordance with the RICS Valuation- Curreni Global Standards (incorp)rating the International Valuation Standardsl. Th¢ historical Cost of the Group's Investment Properties at 31 March 2024 is £23,613,0 (2023: £23,404.OW). The historical com of the Charity's Investment Properties at 31 March 2024 is £23.014,000 (2023= £22.806.000}. Valugtion teehnlques and key inputs Th¢ group's residential apartments and houses (£16.6 million} were valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation a])d condition. The large discounts were applied to those properties subject lo registered tenancies, refle¢iing the relative difference in secwity of tenure, whilst the smallesi discounts were applied to ihose properties subject to assured shorthold tenancies. The group's commercial units (£38 million) were valued using the income capitslisation method, requiring the application of an appropriate market based yield to net operating income. Adjusttn¢nts are made to allow for voids when less than five years are left under the Current tenancy and to reflt market rent at the point of lease expiry or rent review. Other Investh)ents comprise 565,000 shares in Daejan Group Holdings Limiie( valued by theTru5te¢s sing aeA)mbined discounted netasset and dividend yield approa¢h and 133.650 shares in MrOpolIt2n ProrErties Company Limited. The value of th¢ Metropolitan Properties Company Limited shares has been estimated by the Trustees b&sed on the underlying value of assets less liabilities. Both companies have directors in cotnmon with the TrtL8tees of the Charity. The historical cost of the Group's and the Chariry's Listed and Other Investments at 31 March 2024 is £8,016.000 (2023- £8.016,000). d) The value of the Investrnents in Subsidiary Undertakings has been eIMated by the Trustees based onthe und¢rlying value of assets (as above, Note lob) less liabilities of the Subsidiary Undertakings. The historical Cost of the Investmems in Subsidiary Undertakings as at 31 Mawh 2024 is £1,000 (2023.. £1,OIKI). 23
MAYFAIR CHARITIES LItry£D NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 io. INVESTMENTS (COD¢'d) The Charity holds dire¢tly and indire¢tly the whole of the issued share capital in the following Companies, all of which are incorporated in Great Britain and registered in England & Wales {unless othenvise indicated) and have certain directors in ¢ommon with the Charity. Company Nmber Dire¢tl Held Subsidiaries Freshwater Property Management Limited Gladville Limited Haysgrdns Prop¢ty Co. Limited Metropolitan Prot£rties Co. (Overs) Limited 00891786 02454653 00662308 00863934 Indirectl Held Subsidiaries Freshwater Family Holdings Inc. (USA) The aggregate amount of ass¢ts, liabilities and funds of the subsidiary undertakings are as follows.. Capital & Reserves Assets Liabilities £iooo Freshwater Prop¢rty Management Limited Gladville Lirnited Haysgrans Proixrty Co. Limited Metropolitan Properties Co. (Overseas) Limited 20.034 (16.409) 3,625 7,083 418 {4,837) 2,246 418 A of tumover, expenditure and profit or loss for the year 15 shown lOW for each operntional subsidiary undertaking. MetropolitAII PrortIeS Co. (Overseas) Limited Fr¢shwJhter Property Manxgtment Limited HAysgran5 Property Co. Limited £'ooo 1.514 £,0 369 (206) (19) Tumover Cost of sales Administrative expenses valuation gains on investment property Interest receivable and similar income Interest payable and similar charge5 Profit before l&x Taxalion Profil for financial y¢ar (1,154) (313) 402 (5} 757 122) 735 1232) {401) (301) The Charity holds s10 of the issued share capital in West Heath Villas Matvdgement Ltd (Company Numb¢r'. 13180061) which is registered in England & Wales and has certain directors in common with the Trwtees of the Charity. 24
MA YFAIR CHARITIES LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 io. INVESTMENTS (cont'd) Freshwater Family Holdi[ In¢. and its operations are controlled and carried out in North Ameri¢a by its director5. Th¢ Capital and Reserves of the above company at its year ¢nd of 31 December 2010 Iihe latest figures available) were in deficit in the amount of S9.406,515 . (2009= deficit of S8,768,021). None of the deficiency in N¢t Assets of Freshwater Family Holdings Inc. would impinge upon the Charity itself. In ¢onsequence. th¢ Group Financial Statements do not consolidaie the results, nor the assets and liabilities of Freshwater Family Holdings Inc. a5 the Trustees are of the opinion that to do so would not refiect a te and fair view in the Financial Siatements. Freshwater Family Holdings Inc. 15 a direct subsidiary of Metrory>litan Pro1rtieS Co. (OYersea5) Limited, the Share Capital of which was acquired for nominal consideration many years ago. ii. DEBTORS GTOUP 2024 Charity 2024 2023 2023 £'wo Amount owed by subsidiary undertakings Amounts due from connect¢d undertakings Loan debtors (charithble purposes) Rental debtors Other debtors 11 2,903 2,903 Ilb 13,494 709 418 730 6,274 131 709 414 130 583 314 578 108 15,351 7,812 4,287 4.236 All debtors are inler¢st-free and repayable on demand excepl as disclosed below. The Amount due from Subsidiary Undertaking comprises an interest-bearing loan du¢ from Haysgrdns ProFKrty Co. Limited, a company with directors in common with the Trusle¢s of the Charity. The loan was advanced sotue years ago and is effectively repayable on demand. Interest is charged at a ral¢ of 8Q/o. 25
MA YFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL ST ATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS (cont'd) b) Amounts due from Connected Undertakings comprise amounts due from companies and other entities as detailed on the following page. of which certain Trustees of the Charity and the Group are also directors and trustees. Other than in respect of amounts due to the Charity itself, Amounts due from Connected Undertakings mainly comprise balances due on property Ma[ement CUTrent ac¢crtJnt which axe inl¢rest free and effe¢tively repayable on demand. Group 2024 Charity 21)24 £'•oo 2023 2023 Chery Orchard Properties Limited Newprop Company Limited L K B Investments Limited Bastion Produets Limited Freshwater Family Retirement Benefits Scheme The Raphael Freshwater Memorial Association Limited Highdorn Co. Limited The Bampton Property Group Limited Bampton (B&B) Litnited Bampton (Redbridge) Limit¢d City and Country Properties Limited City aThl Country Properties (Midlands) Limited The Halliard Property Co. LILted Other Freshwater Group Companies 56 45 .014 749 131 11,948 116 5,102 39 61 Il6 148 49 24 39 36 86 89 15 13.494 6.274 131 26
MAYFAIR CHAILITtF.S I.TMKD NOTES TO THE FINANCIAL sTATElEwrs FOR THE YEAR EIYDED 31 MARCH 2024 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 CbArlty 2024 £'Mo 21fr23 2023 Amounts owed to subsidiary undertakings Amounts owed to connected undertakings Taxation and s(Kial security Rent in advance Other creditors and accTuals ,365 325 12a 15,787 32 242 1,118 17,179 13.134 16 259 377 32 228 465 163 16 240 324 14,393 2.467 I,lJ58 Amounts owed to Connected Undertakings comprise amounts due to companies and other enlitie5 as detailed below, of which rertsin Trtee5 of the Charity and the Group are also directors and trustees. The amounts are due on property management current account, are inleresl free and are effectively repayable on dernand. Group 2024 Charity 2024 £'o 2023 2023 £.0 Bastion Products Limited Highdorn Co. Limited Metropolitan Properties Co {Cloist¢rn) Limited L K B Investmenls Litnited Other Freshwater Group Companies 1,260 1.512 1.123 377 163 1,296 11.644 9,626 75 59 15.787 13,134 377 163 13. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR Group and Charity 2024 2023 £'ooo Other Credito 1,577 1,609 1.577 1.609 Included within ¢r¢ditors'. amounts falling due after more than one year is an amount of £1,577,(H)0 (2023-. £1,609,000) in respect of liabilities not repayable by insthlments which fall due for payment by October 2028 and which is interest-free. 27
L4YFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARC.H 2024 14. PROVISION FOR LIABILITIES Th¢ mov¢ment in the d¢f¢rred taxation provision dn8 t] year was: Group- Investment Proper¢y £*oDo At l April 2023 Movetnents during year 1.568 (78) At 31 March 2024 1,490 There ar¢ no defeJTed provisions foT the Clwity. it is exempt from tax to its Charitable Status on the basis all income and gains will be applied solely for qualifying charit&ble Pu05eS. OPERATING LEASES As Lessor The totsl future minimum lease payments receivable under non-cancellable operating le$ are as follows= 2024 £,0 2023 Not later than l year Later than l year and not later than 5 years Later than 5 years 869 1,593 535 816 1,503 481 2.997 2.800 16. UNRESTRICTED INCOME FUNDS Other Non Designated Charitsble Charitable Funds Funds Funds Group Total Funds £'fflo Balance at l April 2023 Net incom&(expenditure) for Ihe year Balance at 31 Mah 2024 5,952 480 66.120 4,347 70,467 6,074 214 78,146 5.041 6.432 6,288 83.187 Other Designatsd CbAritgble Funds FuTrds £'o £'ooo Charity Total Funds £10 Balance at l April 2023 Net expenditure for the year Balan¢e at 31 March 2024 5,952 480 72,193 4.561 78,145 5,041 83,186 6,432 76,754 28
MAYFAIR CHAIUTIES LIMrrED NOTES TO THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Iyet Current Long Term Assets Liabilities £'O(M) Group Fixed Asqets £,0 Totsl £'o Ullrestricted Income Funds 82,358 82,358 3,896 3,896 (3,067) {3,067) 83,187 83,187 Total Funds Net Current Long Term Assets Liabilities £'ooo £'ooo Charity Fixed Assets £'ooo TotAI £,0 Unrestrithed Income Funds 81.720 81,720 3,043 3.043 (1,577) (1,577) 83,186 83,186 Total Funds TRUSTEES, INTERESTS IN CONTRACTS Prottty Management Fees Receivable are derived from propety managetn¢ni activities undertsken by Freshwater Prort Management Limited in resr*th of properties owned by Companies within the Freshwater Group of Companies with which this Group is related and were charged at normal otnmercial rdtes. Mr B S E Fr¢shwater is a Directorof those Companiesand hetogether with mem1r$ of his family indirectly inteted in their Shor¢ Capital. Included within Investment ManageTnent Costs are mJJ]agement and administrntion clwges totslling £1,135,IYJO (2023.. £960,(m) charged at nornial COTnmercial rates for the day-lo-day fftar]agem¢nt of FTe5hwaler Propety Management Limited which is carried by Highdorn Co. Lirnited a company withinthe Freshwater Group of Companies. Mr B S E Freshw&ter 1$ a ditr¢tor of Highdornco. Limited but has no nefICia] interest in its share wital. 19. FINANCIAL INSTRUMENTS Group 2024 £'wo Charlty 2024 £'o 2023 £'ty)o 2023 Fin4n¢lal Ossets measured 4t fair value through income and expenditure: Listed and other investments (see Note 10) Inv¢stment in subsidiary ulertakIngs (see Nole 10) FiftAncial assets m¢agure4J at amortised cost {see Ne 111 Financial liabllltles measured at amortised cost (see Note 12 & 13) 26,574 26,939 26,574 26.939 6,289 6.074 15.351 7.812 4,287 4,236 18,756 16.002 4,044 2,677 The income, expense. net gains and losse& including changes in fair value, forfinancial assets measured fair value are inCld within the Statement of Financial Activities. The fair values of the principal investments held at fair value through profil and loss at the baiance sheet date are detemiined by trtteS valuation. 29
MAYFAIR CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. ANALYSIS OF CHANGES IN NET DEBT At Non-cash At l Apr 2023 Cash flows movements 31 Mar 2024 £'ooo £'(K)O 11,115 (5,391) (1,609) Cash in hand and at bank Debt du¢ after one year 5,n4 (1,577) 32 9506 (5,391) 32 4.147 Non-cash movements represent exchang¢ rdte Move¢ts. 21. RELATED PARTY TIL4NSACTIONS In addition to the rnatters set out elsewhere in these Financia] Statement& the following tElated p81ty transactions $IUld be noted. The Charity reiVed donations of £1.250,0 (2023: £1,250,000) from Metropolitan Properties Company LIMI a comwy whose Directors are TnLstees ofthi5 Chatity. Tr Charity received dividends aggreIng £678.000 (2023.. £655.000) from Daejan Group Holdit Limit& a (panY of which certain Trustees of the Charity ajr director5. Grants and Donations made by th¢ Charity inclu(k the following amounts which were donated to charitable companies, the trustees of which Tnlstees of ihe Charity. 2024 2023 Sa550v Bels Hamedrash Beth Ja¢ob Grammar S¢h(KJl for Girls Limited: Proiision of facilities 53 400 The school building occupied by Beth Jacob Grammar SclM)ol for Girls Limited is owned by the Charity. The continued occupation of the premises is on a 'rent free, basi5. The notional benefit arising from such nt free accommodation is estimat¢yJ io k £4(K>,(M)O per annum. In order to fully reflect the underlying nanjre of this mngemeni, the notional l*nefit has been Includ within'Rents and ChE¢S Receivable, with an equal amount included within'Grants and Donations.. ACCOUNTING ESTIMATLS AND JUDGEME]Yrs (i) ProFerty valtiOn The valuation of the grow)'s property wrtfolio is inherently subje¢tive. depending on many fadors, including the individual nature of each property. ils IatiOn a1 expected fLrtur¢ net rental values, market yields and comparable m8rkei transactions (as set out in Note 10). Theref(e the va]ualioJ)s are subject lo a degree of uncertainty and aJE made on the basis of &851ptIOns which may noi prove to t accurare, particularly in wiods ofdifficult maTket oreconomic coThJitiom. As noted in Note 1.9 above, all the group's ppet11 are valued by external valuers with appropriate qualifications and eXrienCe. 30
MAYFAIR CHARITIES LIMED NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 MARCH 2024 22. ACCOUNTING ESTIMATES AND JUDGEMENTS (cont'd) (li) Unlisted investments valuali The valuation of the group's unlisted investments 15 subjective. (k[d]llg on many factor5. i111ng compaJatordividend yields and net asset Vdlues, assumedrdtionale of ProsetiVe share pur¢hasers. and the deced impact of entity specific conditions on the aforementionedTneasure& Significant judgement is also required when selecting comparator companies to be included in the population from which excted yields and di$Unted net a55el values are derived. Therefore. the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurat4 particularly in n(K]S of difficult market or ¢cono]nic conditions. (iii) Trnde delAors Managanent uses detailsofthe age oftr&d¢ debtors andthe staS ofany dispulestogetkn with ext¢mal evide[e of the credit status of the CoterrArtY in making judgements eonceming any need to impair the carrying 31
MAYFAIR CHARITIES LIMITED NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED31 MARCH 2 24 23. RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES 2024 £'ooo 2023 £'(x)o Net exnditUre for the year Adjust]nents for.. Losse[ga1n$) on investments Interest paid Divid¢nd4 interest and rents from invesknents Notional rent received Increasel(decrtrtse) in chariiable loan provisions (Increase)Ide¢rwe in debtors Increasel(de¢r¢ase) in credilors Increasel(decrrd5e) in provisions for liabilities Net eash used in operating Aetivities 5,041 (10,189) (5.607) 8.707 98 (1,680) 4(K> (24) 4,053 2.198 (100) 3,463 {1,664) 400 (100) (7,604) 2.771 (78) (6.833) 24. ANALYSIS OF CASH AND CASH EQUIVALENrs 2024 2023 C&sh at Bank and in HaThJ 5.724 5.724 TotAI cash and Cash equivalents 32
AYFAIRCHARITIES LIMITED MANAGEMENT INFORMATIOIY FOR THE YEAR ENDED31 MARCH 2024 The followlng pages do not form part of the ststutory financial ststements whlch are tb¢ subject of the illdependent auditor's report on pages 6 to 9.
MAYFAIR CHARITIES LIMITED LIMITED BY GUA114NfEE INCOME & EXPENDITIIRE ACCOUNT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31 MARCH 2024 2024 2023 £.0 £.10 IncotDe alld Endowments from: Donations and Grdnts R¢¢¢ived Investments.. Income froTn Fixed Ass¢1 Investments Interest Receivable Rents and Charges Receivable Total Income 1.470 ,380 680 269 1.500 3.919 658 234 1,930 4,202 Expenditure on: Raising Funds.. Propery Outgoings Interest Payable and Similar Charges Charitable Activities: Grants and tk>nations Direth Charitable Activities Payments from Special Projects Fund Other.. Governance Costs (1.118) {3) (1,074) (93) (3,094) (3,810) (4) (843) (745) (52) {46) Total Expenditure NET IIYCOME I (EXPENDrruRE) BEFORE GAINS ON INVESTMENTS 15,012) (5.870) (1.093) (1.668) Gains l (Losses) on Inve5tments'. Gain on sale of Investment Property Valuation of Investment Property Valuation of Listed and Other Investments 247 6.037 (865) (150) (7,656) 6,134 (8,521) IYET INCOME I (EXPENDITURE) FOR THE YEAR AND MOVEMENT IN FUNDS 5.041 (10.189) Reconciligtion of Funds: Total Funds Brought Forward TOTAL FUNDS CARIUED FORWARD 78,145 83,186 88,334 78,145
MAYFAIRCHARITIES LIlITED LIMITED BY GUAJL4NTEE PROPERTY REVENUE ACCOUNT FOR THE YEAR ENDED31 MARCH 2024 2024 Unrestricted Funds £'o 2023 Unrestri¢t¢d Funds £'(M)o Rents and Other Chwges Receivable Less.. ProFKrty OiQoings General and Waier Rates Insurance RepaiT5 and Maintenance Lighting and Heating Porterdge and Cleaning Legdl and Professional Charges Servic¢ Chargas Letting Commission ,500 1.930 (418) (29) (225) (112) (265) (44) (24) (i) (387) (69) {282) {125) (154) (29) (22} (6) (1,074) 856 NET PROPERTY REVENUE 382